Anyone use TD Ameritrade?

[occifer]

Why not use TOS as your main acct?

Sent from me using GAGT

 

[OnePunchMan]

Thanks for the advise, do you have any link which for reference? I cant seem to find the information. Sorry, I'm new to trading.

I tried saxo and the contract fees are too high, in addition need pay for live data...hence I am exploring TD

I recall there is a ton of video on youtube on it. you do need 3k+ in your account iirc.

 

[moolala]

anyone know what happen if u open account but dont fund?

will account close?

 

[Knightoftheblackrose]

Thanks for the advise, do you have any link which for reference? I cant seem to find the information. Sorry, I'm new to trading.

I tried saxo and the contract fees are too high, in addition need pay for live data...hence I am exploring TD

You can refer to this faq link for the "official version"
https://www.tdameritrade.com.sg/faqs.html


What is the minimum deposit required to open an account?

There is no minimum amount to open an account. We recommend people start with at least USD$3,500. If you do fund with at least USD$3,500, we will rebate your wire fee up to USD$100. You need USD$25,000 to actively day trade, USD$5,000 to sell options naked, and USD$2,000 to have margin capability in your account. At a minimum, you need at least USD$500 to receive live real time data.

 

[OnePunchMan]

anyone know what happen if u open account but dont fund?

will account close?

I am at my 9th week waiting :’)

I cant find any rule that say you have to fund it to maintain it, and know of people whom paper trade for a few months before actually funding their opened account.

 

[avo7007]

Does TDA auto convert to USD after receiving SGD funding? Or can I leave it in SGD like IBKR?

 

[softwareengineer]

Hi,
If I am planning to invest 10-15K USD in US ETF and some US Stocks on a ad-hoc basis, like 1-3K each time, is TDA economic?

How do we transfer funds? Is it always wire transfer? Asking as I heard wire transfer charges by the banks are high

How is the FX conversion charges in TDA?

Thanks

 

[revhappy]

Does TDA auto convert to USD after receiving SGD funding? Or can I leave it in SGD like IBKR?

TDA brokerage account doesnt understand what SGD is. TDA only knows USD. It is a very specific US only stock and options broker. So it gets converted before it hits the account.

 

[revhappy]

Hi,
If I am planning to invest 10-15K USD in US ETF and some US Stocks on a ad-hoc basis, like 1-3K each time, is TDA economic?

How do we transfer funds? Is it always wire transfer? Asking as I heard wire transfer charges by the banks are high

How is the FX conversion charges in TDA?

Thanks

Yes TDA is a good option for your requirement. You can transfer SGD if you have DBS bank account. That should be the most straightforward way of funding. FX conversion wont be as good as IBKR. Should be similar to SCB, around 1% spread I guess. I dont think that is a major issue.

But bear in mind in the future you may want to scale up to want to include other markets too or want to include leverage that time it will be a pain to consolidate your brokerage accounts.

It costs 25USD to transfer money out and you could get hit with the conversion/wire transfer fees as well.

 

[revhappy]

Search for ACAT on their website. USD 75.

if the other broker not charging you for custodial fees, no point

That fee is outgoing transfer fee for at TDA. To know the transfer fee, you need to check with your existing broker. TDA doesnt have incoming transfer fee. Infact they will provide rebate upto a certain amount for the outgoing transfer fee at the other broker.

*The account transfer fee rebate offer is valid on transfers into a new Individual or Joint account with a qualifying external transfer fee charged within 60 days of the transfer. Transfer fee rebate of up to $100 requires a USD$3,500 transfer from another brokerage firm within 60 calendar days of account opening. Proof of transfer fee required to receive rebate.

 

[AAAbattery]

Just curious has anyone good experience with TD TOS in the sense of bid and ask.

You know when trying out in the paper, sometimes the order doesn't fulfill even when there are active players or say other options like sell at market brings the price way beyond the bid and ask.

How do you determine on l2 ? Or is it just due to the paper simulation coding and i would see less of this live?

Ie, if I'm on top of the heap in L2, I'll probably get fulfilled first in live? And it doesn't matter on buy or sell?

And is there somewhere you can see where the system determines sell market price?

 

[everyoneall]

Whilst $0 brokerage fee for US trades is heaven to many, do take note below for small amt traders.

What is the minimum deposit required to open an account?
There is no minimum amount to open an account.

We recommend people start with at least USD$3,500. If you do fund with at least USD$3,500, we will rebate your wire fee up to USD$100.

You need USD$25,000 to actively day trade,

USD$5,000 to sell options naked,

and USD$2,000 to have margin capability in your account.

At a minimum, you need at least USD$500 to receive live real time data.

https://www.tdameritrade.com.sg/faqs.html

 

[findinglaserprinter]

Whilst $0 brokerage fee for US trades is heaven to many, do take note below for small amt traders.

What is the minimum deposit required to open an account?
There is no minimum amount to open an account.

We recommend people start with at least USD$3,500. If you do fund with at least USD$3,500, we will rebate your wire fee up to USD$100.

You need USD$25,000 to actively day trade,

USD$5,000 to sell options naked,

and USD$2,000 to have margin capability in your account.

At a minimum, you need at least USD$500 to receive live real time data.

https://www.tdameritrade.com.sg/faqs.html

Pattern day trader rule common among US brokers. IBKR does it too. Foreign brokers seem to have a bit more leeway, for example I haven't heard of SCB or Tiger applying this rule.

 

[findinglaserprinter]

Search for ACAT on their website. USD 75.

if the other broker not charging you for custodial fees, no point

75 dollars to receive incoming positions? Wow.. thanks for the info

Posted from PCWX using 999

Isn't 75 USD the fee for full ACATS transfer out of TDA? It should be free for incoming transfers.

Also, the 75 USD fee is for FULL transfers aka emptying out your account. Others have circumvented this fee by leaving a dollar in their account.

 

[OnePunchMan]

Pattern day trader rule common among US brokers. IBKR does it too. Foreign brokers seem to have a bit more leeway, for example I haven't heard of SCB or Tiger applying this rule.

Its not a broker rule...

 

[occifer]

Whilst $0 brokerage fee for US trades is heaven to many, do take note below for small amt traders.

What is the minimum deposit required to open an account?
There is no minimum amount to open an account.

We recommend people start with at least USD$3,500. If you do fund with at least USD$3,500, we will rebate your wire fee up to USD$100.

You need USD$25,000 to actively day trade,

USD$5,000 to sell options naked,

and USD$2,000 to have margin capability in your account.

At a minimum, you need at least USD$500 to receive live real time data.

https://www.tdameritrade.com.sg/faqs.html

3500usd is a low barrier already imo.

Sent from me using GAGT

 

[findinglaserprinter]

Its not a broker rule...

It is a US regulatory rule enforced by the brokers. May explain why brokers with mainly US presence tend to enforce it, while other brokers don't.

 

[Converged]

If we transfer sgd to TOS, will it get exchanged to USD automatically ? What's the rate used? Similar to banks?

Posted from PCWX using 999

 

[Tiger9119]

Summary of the Day-Trading Margin Requirements
The rules adopt the term "pattern day trader," which includes any margin customer that day trades (buys then sells or sells short then buys the same security on the same day) four or more times in five business days, provided the number of day trades are more than six percent of the customer's total trading activity for that same five-day period. Under the rules, a pattern day trader must maintain minimum equity of $25,000 on any day that the customer day trades. The required minimum equity must be in the account prior to any day-trading activities. If the account falls below the $25,000 requirement, the pattern day trader will not be permitted to day trade until the account is restored to the $25,000 minimum equity level.

https://www.finra.org/investors/lea...ng/day-trading-margin-requirements-know-rules

 

[OnePunchMan]

It is a US regulatory rule enforced by the brokers. May explain why brokers with mainly US presence tend to enforce it, while other brokers don't.

I think that those brokers that are not implementing it are just B Booking